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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Rural Utilities Cooperative Finance Corp | NYSE:NRN | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.42 | 0.00 | 01:00:00 |
"Although 2009 was a tough year for the U.S. economy, the preliminary KRTA numbers show that co-ops once again performed very well. The median financial ratios all showed an improvement over the prior year," said Claudia Phillips, CFC vice president of Programs and Planning Analysis and KRTA manager. "While these are not final KRTA results, this preliminary report of 630 systems is a significant sample."
The KRTA report is based on data taken from Form 7 reports -- financial and statistical reports that distribution cooperatives provide annually -- for the period ending December 31, 2009.
Phillips pointed to three ratios that show electric cooperatives are maintaining their financial strength during the economic downturn: Equity as a Percentage of Assets, Times Interest Earned Ratio (TIER) and Modified Debt Service Coverage (MDSC). For the median distribution cooperative among the 630 reporting, these three financial ratios were:
The preliminary KRTA data show there were increases in operating costs in 2009, but that revenues and margins also increased, which indicates that cooperatives are successfully passing through cost increases to consumers:
Considering current economic conditions it was not surprising that the median electric cooperative in the preliminary KRTA numbers reported two declines in 2009:
The preliminary KRTA numbers for two ratios related to consumer payments were stable. This shows that electric cooperative consumers are paying their bills on time, even during difficult economic conditions:
Loans to distribution cooperatives comprise 69 percent of CFC's loan portfolio.
About CFC
National Rural Utilities Cooperative Finance Corporation (CFC) is a cooperative that serves the nation's rural utility systems. With more than $20 billion in assets, CFC provides its member-owners with an assured source of market-priced capital and financial products and services. CFC can be found online at nrucfc.org.
CFC's 2008 and 2009 Preliminary KRTA Data All numbers are medians
Equity as % of Assets 2008: 40.5% 2009: 41.0%
TIER 2008: 2.25 2009: 2.29
MDSC 2008: 1.81 2009: 1.82
Power Cost per Total kwh Sold (mills) 2008: 63.05 2009: 64.34
Total Operating Expense per kwh Sold (mills) 2008: 19.43 2009: 20.16
Total Operating Revenue per kwh Sold (mills) 2008: 96.58 2009: 100.35
Total Margins per kwh Sold (mills) 2008: 5.92 2009: 6.58
Annual Growth in Number of Consumers (%) 2008: 0.99% 2009: 0.46%
Annual Growth in kwh Sold (%) 2008: 1.20% 2009: -1.21%
Accounts Receivable Over 60 Days as % of Operating Revenue 2008: 0.17% 2009: 0.17%
Amount Written Off as % of Operating Revenue 2008: 0.18% 2009: 0.20%
Contact: Mike O'Brien V.P., Corporate Communications 703-709-6709 Email Contact Andrew Don V.P., Capital Market Relations 703-709-6869 Email Contact
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